Business Reporter
THE Reserve Bank of Zimbabwe’s (RBZ) new policy directive now requires individuals to take just US$2 000 out of the country , new policy measures have said.
Authorities believe the new measures are in line with efforts to ease spiraling black market exchange rates which are now threatening the existence of the ZWG currency launched on April 5 2024.
Currently, the parallel market rates are trading at US$1:ZWG 30 while official market is pegged at US$1:ZWG 24,39.
In an update Friday the RBZ governor, Doctor John Mushayavanhu said the Monetary Policy Committee (MPC) had put in place a new raft of measures to safeguard the local unit.
“To allow greater exchange rate flexibility, in line with the increased demand for foreign currency in the economy. To reduce the amount of foreign exchange an individual can take out of the country from US$10 000 to US$2 000,” he said.
The bank hiked the rate at which private agents mostly private banks obtain money from the central bank for onward lending from 20% to 35% with immediate effect in a move aimed at blocking speculative borrowing by entities which may further divert such funds to purchase foreign currency from the parallel market, thereby contributing to exchange rate depreciation.
The RBZ also increased the amount of funds that a bank holds in reserve for demand and call deposits for both local and foreign currency deposits from 15% and 20% respectively to 30% in a move aimed at reducing idle liquidity in the economy, thereby weakening parallel market activities.
Added the RBZ governor ,“The statutory reserve requirements for savings and time deposits for both local and foreign currency have also been increased from 5% to 15% with immediate effect.”
